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Tanzanian Royalty Exploration Corp. Message Board

  • jj719903 jj719903 Oct 15, 2011 12:45 AM Flag

    Royalty Partner Kibo Mining plc Update

    Alpha Update Part 2...Dated: 7 October 2011

    Kibo Mining plc (“Kibo” or the “Company”) (AIM: KIBO, AltX: KBO) the mineral exploration and development company focused on gold and nickel projects in Tanzania, is pleased to provide an operations update. The Company has more than doubled its licence area in Tanzania to over 18,000 square kilometres in the last six months gaining a strategic position in both the Lake Victoria Goldfields and the emerging gold districts of eastern Tanzania. This has necessitated a major re-organisation of its operations in Tanzania to meet the demands of exploring and managing a large geographically dispersed licence portfolio effectively. This re-organisation is now complete and field exploration programmes have re-commenced.

    Summary Highlights

     the Board has approved a £5.3M exploration programme to evaluate the Lake Victoria, Haneti and Morogoro projects;
     Stage 1, with a budget of £1.3M, is now being implemented. Gold and nickel are the primary targets;
     the Company has completed the integration of its exploration office and staff with Mzuri Exploration Services (“MXS”). This will increase its capacity to implement fully supported contemporaneous multi-project field programmes;
     the Company has received the final results from metallurgical testing at the Golden Horseshoe Reef deposit (the “GHR”) which indicate high gold recoveries; and
     negotiations are underway with Tanzanian Royalty Exploration Corporation Limited (“TREC”) and a financial institution to allow the Company to immediately exercise its option over the Itetemia and Luhala projects and to work on securing debt and equity financing to advance mine development at the GHR.
    The Company is progressing on two fronts:
    (a) exploration to evaluate its large ground holding and focus on priority areas to quickly define target areas for Stage 2 drilling; and
    (b) evaluation of whether it can bring forward the immediate exercise of its option over the Itetemia and Luhala projects and proceed with developing a mine on the the GHR deposit which has a JORC-compliant mineral resource of 422,000 oz. of gold.
    The exploration is underway as are negotiations of the terms of its agreement with TREC for immediate exercise of its option on Itetemia and Luhala and with a financial institution to secure debt financing for the development of the GHR.

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    • only been a couple by my watch :P

    • What gold share isnt shorted to oblivion.
      newmont, barrick, randgold, royal gold, goldcorp. they are almost all at their all time highs. TRX is not a gold stock. They have no gold, produce no gold, and never will. TRX is just a means of funneling cash to Sai Baba. Sinclair has been a net seller of the stock from day one. He has made millions while you and the rest of the sheep have collectively lost millions. All those millions you sheep lost went to his pocket and a large portion of that went to Sai Baba's group in India.

    • Maybe the stock price matters if you're in a hurry, but who would speculate on a junior if they were in a hurry? You can't scare strong hands.
      It has been 10 years, how much time are you going to give Sinclair? Another 50? You and him will be both expired by then.

    • Quite a few hedge funds won't short anything gold related. There is no definable catalyst for gold to decline hence nothing specific to deflate the rally in gold over the past few years.

      Short interest in the stock is declining yet it still goes down! Explain how that works.

      Oh yeah I'm sure about no cheap and easy to mine surface ruble. In case you haven't read. "The Company wishes to specifically retract the statement made in its news release of April 15, 2011 “We also have a well-defined gravel resource on the Buckreef project that could provide an early source of cash flow at a relatively minimal capital expenditure”

    • Are you forgetting that TRX still got the cash from that financing? Stock price is irrelevant pre-production if they have they have the cash to become a producer. Besides, the entity that is TRX doesn't own the shares of TRX, so why, from the perspective of management which has enough start up cash to mine surface rubble, would it matter what is the value of the current stock price(unless it wanted to buy back shares)? The share price is simply how buyers and sellers are valuing the company at a moment in time (assuming no untoward influences...). Not all of us are short term thinkers here..

      Let's face it, perspectives are defined in this issue by whether or not there will be cash flow. You seem to continually imply that there will not be cash flow, but I think there is more evidence to suggest that there will. Maybe the stock price matters if you're in a hurry, but who would speculate on a junior if they were in a hurry? You can't scare strong hands.

    • What hedgefund doesn short gold shares.

      What gold share isnt shorted to oblivion.

      "no cheap and easy to mine surface ruble"

      Are you sure? ;)

    • Wow! Kibo controls the option on $600 million of gold yet the company has a market value of only $10 million and they are having difficulty raising the capital to exercise that option.

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